US-based investment company Loews has agreed to divest a 47% stake in sustainable packaging provider Altium Packaging to Singaporean sovereign wealth fund GIC.

Altium Plastics serves customers in various sectors, including pharmaceutical, dairy, water, household chemicals, food and beverages, and industrial and speciality chemicals.

Based in Georgia, US, the company also provides recycled high-density polyethylene through its Envision Plastics business.

The deal is expected to close in the next 30 days. Completion of the deal is subject to customary closing conditions.

The financial terms of the transaction have not been disclosed.

Altium Packaging president and CEO Sean Fallmann said: “We are pleased to welcome GIC as a shareholder of Altium Packaging. GIC is a well-established, long-term investor with a track record of success.

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“Having Loews and GIC – two world-class institutions – as our partners will be invaluable as we continue to pursue our growth strategy and seek accretive acquisitions that add scale and end-market diversification.”

Altium Packaging currently operates 64 packaging manufacturing facilities in the US and Canada, as well as two recycled resins manufacturing facilities, and employs around 4,000 people.

Previously known as Consolidated Container Company (CCC), the company was rebranded last January.

Loews is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. In 2017, the company bought CCC from Bain Capital Private Equity for around $1.2bn.

GIC invests across a range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. The company currently employs more than 1,700 people in ten locations around the world.